Tata Steel has reported a 61 per cent drop in its consolidated net profit at Rs 4,849 crore for the year ended March 31, 2009, against Rs 12,322 crore registered in the same period last year mainly due to a sharp fall in demand in Europe and South Asia.
The copany has incurred an additional costs of Rs 4,094.53 crore in for restructuring, impairment and disposals.
Total income, including that of Corus, increased by 12 per cent to Rs 1,47,329 crore in FY’09 (Rs 1,31,534 crore). Had the company followed the practice of recognising changes in actuarial valuations of pension plans of Tata Steel Europe in the profit and loss account, the consolidated profit after taxes, minority interest and share of profit of associates would have been lower by Rs 5,497 crore.
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